Kates Place was developed and operates with Federal housing financing. The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit and HOME.
Low Income Housing Tax Credit
The property was developed using the Low Income Housing Tax Credit Program. This program incentivizes investors to inject capital into rental apartments for lower income Americans. The property received a tax credit allocation in 2002 for $786,162 with a 10 year value of $7,861,620. The property was placed in service in 2004. 130 of 144 units at Kates Place are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was not located in a Qualified Census Tract or a Difficult Development Area and was not qualified for additional tax credit funding.
HOME Investment Partnership
The property was financed in part with financing through the Federal HOME Investment Partnership Program. 130 of the 144 total units at Kates Place are assisted under the HOME program. It received $1,500,000 ($11,538 per unit) in financing through the HOME program.